Arranging a mortgage with a satisfied Debt Management Plan

In this post we successfully find a mortgage for a new client who was being turned down by the traditional High Street lenders…

Manchester Mortgages were approached by a new client referred to us by one of our existing clients in Wythenshawe who we had arranged a remortgage two months earlier with the Halifax.

Our new clients situation was that six month earlier he had just completed a Debt Management Plan he had been paying for the last two years due to a down turn in his circumstances.

If you’re being turned away for a mortgage by the traditional high street lenders then please get in touch with us. We can often help and get you the mortgage you want.

He had applied for two separate loans which he was having to pay over 7 years as the interest rate was in excess of 11% due to his Debt Management Plan. The Lenders treated him as a higher risk therefore having to pay a total of £451.

He approached his existing Lender Santander to borrow the additional money on top of his existing Mortgage which he was paying 4.54% who turned him down due to the Debt Management Plan even though he had never missed a mortgage payment.

He then approached his Bank NatWest, who he had banked with for 20 years who also turned him down.

He the approached Manchester Mortgages and asked if it was possible to remortgage his property as there was a significant amount of equity in his property as he needed to reduce his outgoings.

Our industry experienced adviser got a full understanding of our clients Financial Situation including Income, Expenditure and full details of the Debt Management Plan.

They were then able to research the market place and specifically lenders who would take into account applications from satisfied Debt Management Plans.

The recommendation was to move the mortgage away from Santander to a specialist lender Kensington Mortgages who specialised in clients with people who may have had previous credit problems.

Our client was concerned what interest rate he would have to pay.

The deal recommended was 3.69% fixed for two years (lower than the rate he was paying with his existing lender Santander).

Not only that Kensington provided a Free Valuation of his property and Free Legal fees for transferring the mortgage and would not charge an arrangement fee.

Our client was naturally delighted as this was saving him a significant amount of money each month.

Sometimes the High Street lenders like Halifax, NatWest, Nationwide Building Society, Yorkshire Bank and Santander are not the solution to the problem.

By speaking with a mortgage broker who has access the Whole of the Market and able to access the products of specialist lenders like Kensington Mortgages is a better option. They will work on behalf of the client not the lender.

So whatever your situation contact Manchester Mortgages on 0161 706 0242 and speak to our industry experienced advisers and see how they can help you manage your mortgage matters.

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Manchester Mortgages are Alan Dee and Andrew Butterworth.Alan and Andy have both lived in Greater Manchester since they were born. With over 40 years of combined experience in mortgage brokering they are specialists on every part of getting a mortgage in Greater Manchester.

Customer Reviews

I can not recommend Manchester Mortgages enough, from our very first mortgage to our remortgage everything was done so efficiently. No question was a stupid question for Andy he explained everything we needed and constantly kept us updated through out both processes. Literally helped us so much. Thank you again Ash & Jessread more

We dealt with Alan Dee at Manchester Mortgages and I am glad we chose to go with this mortgage broker. I wasn't expecting everything to happen so so fast, which it did. Alan processed everything quickly and efficiently, and he always kept us up to date in regards to what stage we were at with the mortgage process. I'm not thinking of getting a mortgage after this in the future, but if I was to, I would definitely be going back to Manchester Mortgages. Thank you very much for your brilliant service, Alan!read more

Cannot recommend Andrew Butterworth enough. He helped us every step of the way and answered all our questions no matter how silly we thought they were. Would not hesitate to recommend them to anyone. Thank you Andrew for everything.

Manchester Mortgages have been great we didnt think we would get a mortgage but Andrew helped us to achieve this. Andrew as been great all the way through the process and has even helped sort out our life insurance and building and contents insurance. Nothing is too much trouble for him. Would definitely recommend this company.read more

Alan has made the impossible possible for paul and I. We had contacted several mortgage brokers to no avail until Alan was recommended to us. We are so glad we asked for his expertise and services because we are due to complete on the house of our dreams in 4 weeks time with a mortgage offer for much more than we ever thought possible. Thank you so much Alan we will be recommending you to anyone and everyone. Paul and Jordanread more

I was recommended Alan Dee at Mortgages 4U by a friend. He was really quick every time I contacted him to answer. I took my time ot think about things and he wasn't at all pushy, just allowed everything to work in my time and was quick when I was ready to move forward. There was no hassle with getting it sorted - he pretty much sorted everything for me. I'd certainly recommend him to others. Thanks!read more

I dealt with Andrew from Manchester Mortgages. As a First time buyer, I didn't have a clue about mortgages. Andrew was extremely knowledgeable, speedy and efficient. Nothing was too much of an ask. He made the mortgage process an easy one! I now have a mortgage in place thanks to Andrew. I am so happy I decided to use Manchester Mortgages and I would recommend them to anyone!read more